NEW DELHI: ACC, one of the country’s leading cement makers, reported a fall of 60% in consolidated profit after tax of Rs 227 crore for the second quarter ended June 2022 (Q1FY23) from Rs 569 crore in the same quarter last fiscal.
On a sequential basis, ACC’s profit declined by 42.6% as the company had reported a profit of Rs 396 crore in March 2022 ended quarter. The quarter, according to ACC, was impacted by the moderation in demand and prices, as well as elevated costs of power and pet coke.
“The April to June 2022 quarter was impacted by rising global fuel costs and related inflationary impacts. We were able to mitigate part of this impact through our efficiency project ‘Parvat’. The cost reduction journey will be accelerated with the commissioning of waste heat recovery projects in Jamul, Kymore & Ametha plants taking the share of green power to 15%,” said Sridhar Balakrishnan, Managing Director and CEO of ACC. Consolidated revenue grew by 15% year-on-year in Q1FY23 to Rs 4,468 crore, while its cost of raw materials as a percentage of revenue from operations surged 250 bps from the year-ago period to 15.5%.